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Working Paper No. 762
Μια ανάλυση για την γαλλογερμανική αντίφαση γύρω από το ευρώ και την τελική μάχη στην ευρωζώνη
Υπογραμμίζοντας τις αντικρουόμενες ελπίδες και προσδοκίες μεταξύ Γαλλίας και Γερμανίας για το ευρωπαϊκό κοινό νόμισμα, το κείμενο αναλύει τον τρόπο με τον οποίον συνέβαλε αυτή η κατάσταση στη συνεχιζόμενη ευρωκρίση καθώς και στην αδυναμία της διαμόρφωσης στρατηγικών για την επίλυση της κρίσης στην ευρωζώνη. Η πραγματικότητα είναι ότι ενώ στην ουσία επικράτησε η γερμανική άποψη […]
Blog
What Is the Political Payoff of Proposing Social Security Cuts?
The President’s budget has arrived and, as reported, it does contain proposed cuts to Social Security (through adopting a different measure of inflation called “chained CPI”). The emerging consensus seems to be that this is mainly intended as a political/messaging ploy. The idea here is that Republicans are extremely unlikely to make a deal that [...]
Blog
Weakened Link between Output and Jobs Makes Higher Deficits a Necessity
In the LA Times, Dimitri Papadimitriou explains that the link between growth and employment has been steadily weakening over the last several decades, and that this makes getting help from fiscal policy — increasing the deficit in the short run — more urgent than ever. If we want to get back to pre-crisis unemployment rates [...]
Research Project Report
The Lender of Last Resort: A Critical Analysis of the Federal Reserve’s Unprecedented Intervention after 2007
This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the Ford Foundation. “Never waste a crisis.” Those words were often invoked by reformers who wanted to tighten regulations and financial supervision in the aftermath of […]
Summary No. 2
Summary Spring 2013
This issue of the Summary features the Macro Modeling Team’s latest Strategic Analysis and a collection of Hyman P. Minsky’s writings on poverty and employment titled Ending Poverty: Jobs, Not Welfare. Also included are publications focused on the Fed’s history, governance, and policies; the social and economic consequences of the ongoing crisis in Greece; the […]
Press Release
Leading Economists and Policymakers to Discuss Poverty, Deficits, and Financial Reform at the Levy Economics Institute’s 22nd Annual Hyman P. Minsky Conference, in New York City, April 17–19
Blog
A New Collection of Minsky’s Work
Hyman Minsky is probably best known for his work on financial instability and financial reform, but he also wrote extensively about how to address the persistent problem of all those left behind by our increasingly financialized economy; about how to design policies that would put an end to income poverty in the midst of plenty. [...]
Blog
The Allure of Dysfunctional Finance and the Power of Agenda Setting
Here are today’s big pieces of economic policy news: (1) net job creation in the month of March (+88,000) was too low to keep up with population growth; (2) the president’s budget proposal will reportedly include cuts to Medicare and Social Security (or as the latter will be described in most newspapers, “adjustments to the [...]
INET Conference in Hong Kong: Remarks by Jan Kregel
On April 5, Senior Scholar Jan Kregel was featured on the panel "China in the World: Growth, Adjustment, and Integration" at the INET (Institute for New Economic Thinking) conference "Changing of the Guard?" in Hong Kong. The conference, cosponsored by the Fung Global Institute and the Centre for International Governance Innovation, focused on some of […]
Op-ed: To create jobs, the U.S. must spend
Los Angeles Times, April 5, 2013. All Rights Reserved. The government can and should increase the deficit to return us to prosperity. Without such outlays we can’t get enough GDP growth to seriously attack unemployment. Just before the congressional spring break, a Senate budget proposal to decrease, but not eliminate, the deficit over 10 years […]
Blog
QE Catastrophizing
There have been many concerns expressed on the internet about the eventual necessity of reversing the Fed’s cheap-money policies, which include “quantitative easing,” as well as a near-zero federal funds rate. One idea some have is that there are “too many bonds” in the Fed’s portfolio, and that problems will occur with insufficient demand whenever [...]
MME, April 4, 2013